Gst credit note for st invoice

This query is : Resolved

kiran (Querist)
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30 March 2018 Sir,
We have booked the invoice on 01.05.2017 for base price Rs.1,00,000/- plus ST @ 15%
However that contract has cancelled & we raised credit note now for the same base price of Rs.1,00,000/- plus GST @18% what is the accounting treatment for that 3% excess value due to raising of credit note?
Please do the helpful,
Regards,
Kiran.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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31 March 2018 If you are raising a credit note post GST, it will result in your input. Thus, you input would increase and you need to pay less tax.

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kiran

kiran (Querist)
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31 March 2018 Thank you Madam,
But what is the accounting treatment for the credit balance of that 3% of the service value lying in the debtors ledger
Regards,
Kiran

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